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Resources
We have identified a number of excellent resources that can help you structure and operate your small business properly to maximize profitability, reduce taxes, and protect your assets. Click on any of the links below to obtain more information and order the item.
Our Top Pick: The Secret Millionaire™ Asset Security System
John V. ("JJ") Childers, Jr.'s Secret Millionaire™ Asset Security System offers the most comprehensive information, assistance, and resources for establishing one or more entities to conduct your business and provide for long term asset protection. His system contains a full home-study course on each of the major types of business entities, including all the documents you need to manage your entities once you have established them, and includes a special CD with corporation forms and a course on Nevada Corporations. If you order now, you can also attend a life seminar (valued at $2995) to help get your system up and running efficiently and inform you of latest changes in the financial landscape that affect you business.
Order it here: http://www.wealthstrategies202.com/secretmillionaire.html.
Diane Kennedy's LoopHoles of the Rich: How the Rich Legally Make More Money & Pay Less Tax (New York: Warner Books, 2001)
Dianne Kennedy, C.P.A., is a leading tax strategist for small busines entrepreneurs and real estate investors and one of Robert Kiyosaki's Rich Dad's Advisors™. You can get her excellent book by clicking on the link below.
Anthony Mancuso, The Corporate Records Handbook (Nolo)
The first time I ever formed my own legal entity to conduct my computer consulting business, back in the 1980s, I paid $1,500 (imagine what that would be today!) to consult an attorney to do it for me. I was dismayed to realize that he had simply taken a Microsoft boilerplate Word™ file and inserted our specific information into it to come up with our Articles of Incorporation to submit to the state. The next time I decided that I could do this myself.
We have found Nolo.com to be the most single most valuable resource for doing this. Nolo.com has published a number of books complete with forms and in many cases, forms on floppy disks, to enable the layperson to file the appropriate paperwork to form a corporation or LLC with the appropriate authorities. Many of these are also available on Amazon.com. Most (but not all) of the resources that follow are published by Nolo.com.
Corporations--Guides to Forming and Operating Your Own Corporation
Anthony Mancuso, Incorporate Your Business: A Legal Guide to Forming a Corporation in Your State (Nolo)
W. Kelsea Eckert, How to Form your Own Corporation (Nolo)
Ted Nicholas and Robert Friedman, How to Form your Own "S" Corporation and Avoid Double Taxation (Nolo)
There
are also state-specific books for forming corporations in individual states. Here are a few:
Anthony Mancuso, How to Form Your Own California Corporation
Vijay Fadia, Form Your Own Nevada Corporation: Official Forms and Instructions, Corporate Meetings,Minutes, Resolutions, and Notices, Nevada Revised Statutes for Corporations
You can also look up other guides, including specific guides for Ontario, Alberta, British Columbia, and other Canadian provinces, on Amazon or Google here:
Limited Liability Companies and Limited Partnerships
Garrett Sutton, Esq. How to Use Limited Liability Companies & Limited Partnerships (Verdi, NV: Success DNA, Inc.)
Anthony Mancuso, LLC or Corporation? How to Choose the Right Form for Your Business (Nolo)
Anthony Mancuso, Form Your Own Limited Liability Company(Nolo)
(includes a CD-ROM with forms)
Anthony Mancuso, Your Limited Liability Company: An Operating Manual
(Nolo). Once you've formed your LLC, how do you make sure that you maintain its corporate veil? This book provides not only details on the procedures and requirements but also a CD-ROM with forms. This book should be used in conjunction with the preceding.
Long-Term Wealth Building Strategies
Much of the conventional wisdom about the best way to go about building long-term wealth has proven to proven to be false. Paying off your mortgage early, purchasing inexpensive term life insurance policies, and stashing away hard-earned funds into tax-deferred vehicles such as 401(k) plans and IRAs can not guarantee the security that so many of us seek. Before beginning or continuing to use such traditional strategies, consult the books below to see the folly of these strategies and valuable alternatives for you and your family.
Branding
As you go about setting up your business entities, don't neglect the opportunity to use them to establish a strong, consistent brand for your business. Get some tips on how to do this in our newsletter (Vol. 1, no. 4) and sign up for Kim Castle's excellent free BrandU newsletter at: http://www.WhyBrandU.com. Taxes for Small Business
There are a number of guides out there, but we have found the quality highly variable. The biggest difficulty is that most take as their point of departure the assumption that you are operating as a sole proprietor or partnership, which we find highly problematic. Below are the guides that we've found most useful:
Barbara Weltman, J. K. Lasser's Small Business Taxes 2006 (New York: John Wiley & Sons, 2006)
Eva Rosenberg, Small Business Taxes Made Easy
Paul N. Gada, CCH Toolkit Tax Guide 2006 (CCH Business Owner's Toolkit series)
Steven Fishman, Deduct It! Lower Your Small Business Taxes
(Nolo)
Intellectual Property Issues: Copyright, Trademarks, and Licensing
Here are a few excellent sources of information on protecting your ideas and know-how:
Michael A. Lechter, Protecting Your #1 Asset: Creating Fortunes from your Ideas - An Intellectual Property Handbook, Rich Dad's Advisors Series (New York: Warner Business Books, 2001
Credit for Your Business: Business Credit Cards and Lines of Credit
Finally, but at least as important as everything else listed above is getting access to bank credit in your company's name. As soon as possible you should avoid using your own personal credit, even if in your early years, banking institutions will rely on your personal credit record (and those of your partners).
Business Credit Cards
For a simple credit card, we strongly recommend that Advanta Platinum Business Card, with its 0% APR and 5% rebate. You'll find the full details by clicking on the banner below.
Lines of Credit
Credit Corporate Concepts offers a valuable service that helps you obtain lines of credit for your business. See the details of their business credit establishment programs at the Corporate Credit Concepts website.
If you have just established your business, banks will rely more heavily on your personal credit. In cooperation with the Consumer Rights Law Center, Corporate Credit Concepts also offers a program that will help repair your credit either before or after they obtain credit for your business. You can get details on their credit repair program at: http://tinyurl.com/hv2p9.
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